Ministry plans to merge state-backed finance firmsBloombergTaiwan plans to merge its four state-backed asset managers into a local fund giant with about US$12 billion of assets, as the government seeks consolidation in the country’s financial industry to boost its competitiveness. “We will move toward the goal of merging the four asset managers into one,” Minister of Finance Chuang Tsui-yun (莊翠雲) said in response to lawmakers’ questions at a meeting of the legislature’s Finance Committee yesterday. The firms involved include First Securities Investment Trust Co (第一金投信), Mega International Investment Trust Co (兆豐投信), Taiwan Cooperative Securities Investment Trust Co (合作金庫投信) and Hua Nan Investment Trust Co (華南永昌投信), Chuang said, adding that the deal would be led by First Securities, the largest of the four. Minister of Finance Chuang Tsui-yun speaks at a meeting of the legislature’s Finance Committee in Taipei yesterday. Officials have also pledged to turn the country into a wealth hub by expanding the local asset management sector, establishing a trial asset management zone in Kaohsiung and launching the Asian asset management center promotion office.
